Purchasing vacant land can be a great investment. The land could be held onto until the market changes, then sold at a huge profit. You might also use the land to build structures that can eventually be rented out. There are many ways to make money from a vacant land investment! You should, however, take some things into consideration before making a purchase.
Warning signs to look out for when buying vacant land in Texas might include high property taxes, lack of available public utilities and more. Consider all these warning signs and you’re sure to make a great purchase.
Cost is one of the first things you’ll probably consider when you’re going to purchase vacant land. What you may not have realized is that a piece of property’s cost could serve as a warning sign. If the land is too cheap, for example, this could mean there’s a problem with the property. A landowner could also charge more than the land’s actually worth.
A good way of determining if you are getting a fair price is by doing research on the surrounding area. You might also want to contact a real estate agent. Additionally, working with a local land surveying service can help you determine whether the price is right.
Potential for flooding
Make sure you aren’t buying a piece of land that could eventually get flooded. Flooding could completely destroy a piece of vacant land, making it unable to sell or build on. Try searching for the vacant property on FEMA’s website to determine if it’s in a local flood zone. Areas in flood zones also usually require high insurance payments, which could cause a major hit to your budget over time.
Quality of soil
No one will want to live or build on land with bad soil, especially if the soil is contaminated. Bad soil makes for weak foundations and possible health issues for those living or working in the area. While it’s possible to remove contaminated soil, the process is quite expensive and could end up removing a lot of the soil on the property.
To avoid buying a property with contaminated soil, it’s best to have a professional check out the land, especially if you’re unable to look at it yourself.
Buyers and renters are usually looking for properties with convenient road access. After all, there’s no point in buying a piece of property if you can’t get to it! Check out the property and see if there are roads leading up to it. You might be able to have a road built or extended, but this could require the approval of another property owner.
Accessibility to utilities
Make sure the land you’re purchasing has access to things like electricity and water. Most people aren’t going to want to build on a property where they can’t access sewer and phone lines.
It’s important to consider the warning signs to look for when buying vacant land in Texas. If you’d like land surveying done on a vacant property you’re thinking about, contact D.G. Smyth & Co., Inc. today to schedule an appointment.